In this video I discuss developing your sales tools.
So to support your sales team out of the box, you need to have a CRM in place of some sort. It could be simple, that you can track contact information and opportunities. You need to have a pitch deck and if you’ve got a demo of your product, some sort of simple demo, you may not have that ready so the deck is really going to substitute for that. They need to have collateral, leave-behinds so they can email the folks.
Although again, I think that is less important than it was even five years ago. Folks are much more focused on the, “Hey, yeah. Just go to the website.” You need to have some sort of pricing model so that they can talk, at least, at a high level about how you’re going to price your offering.
And you need to be thinking about how you’ll contract for it. Is it through a purchase order? Will you have an actual contract the buyer will sign, or will it be a EULA, an end-user license agreement? You don’t have to have those last couple of things nailed down, but you want to have some idea where you’re going and be ready to prove something quickly. Y
I think it’s interesting. I think it sort of cycled logically. My sense is in the last, things have really shifted, say, certainly since ten years ago and even five years ago, that buyers are much more comfortable with the idea that you do an e-sign and contracts online and there’s no paper. And those are all wonderful things you can do. Anything you can do to reduce friction in the sales process will shorten the cycle.
So my rule of thumb, depending on the size of the deal, is that a contract will add anywhere from two to six weeks to getting a deal done. And when you’re a small company looking for revenue and wanting to prove yourself, that’s pretty important.